Corporate governance overhaul needed

ISLAMABAD: There is a compelling need for a thorough overhaul of the corporate governance regime, while immediate measures are also required to be taken for the capital market development program, an official said on Thursday.

“The regulation should be firm, helpful and fair with a focus on facilitating the regulated,” Khalid Mirza, Chairman Securities and Exchange (SEC) Policy Board, emphasised in a meeting held to review the overall functioning and effectiveness of the regulator.

A statement said the board agreed that the regulatory regime required an extensive review and for the purpose formed oversight, regulation and governance committees to look into respective areas for improvement.

The chairman said these three committees would come up with cogent measures and suggestions.

The Board unanimously agreed that there is a need to create a far less onerous regulatory and supervisory environment for the regulated entities and for ease of doing business.